ITC shares up almost 2% after acquiring 100% stakes in Sunrise Foods
ITC shares: It is a conglomerate company in India located in Kolkata, West Bengal. The company was established in 1910 as an “Imperial Tobacco Company in India” later it renamed as “India Tobacco Company Limited”. After in 1974, it renamed as I.T.C Limited. Whereas, the company manufactures Cigarettes, Bidi, and Food with the brand name as ITC.
Meanwhile, the companies shares jumped almost 2% in the stock market on Tuesday. The main reason for this is the company going to acquire 100% shareholdings in Sunrise Foods.
Besides, the company also made a share purchase agreement (SPA) on May 23rd. In that agreement it is going to acquire 100% stakes of Sunrise Foods Private Limited. Whereas, the Sunrise company is mainly engaged in the business of spices under the brand name ‘Sunrise’. The company also mentioned different terms and conditions in the SPA agreement.
Whereas, the acquisition of the company will strengthen the portfolio and aspiration of the ITC brand in the Spices business. However, Credit Suisse maintained its target of the Sunrise at Rs 190 per each share.
However, the Credit Suisse also mentioned about the acquisition process between the two companies. It stated the acquisition of Sunrise will help ITC to become one of the largest FMCG companies in India.
The shares of the ITC Limited on Tuesday reported a bullish trend in the stock market. The company gained 3.35 points with a 1.80% increase and reached 189.60 INR. While in BSE, the company gained 3.30 points with a 1.77% increase and reached 189.65 INR.
Stock Market May 26th:
The early trend of both Sensex and Nifty reported a bullish trend in the stock market but after some time both, Sensex and Nifty reported bearish trends in the stock market. The Sensex is trading below 30,700 levels, and Nifty is trading below 9,100 levels in the stock market. The Sensex lost 49.68 points with a 0.16% decrease and reached a 30,621.69 level. While Nifty lost 3.00 points with a 0.033% decrease and reached 9,033.70 level.
On the other side, the number of coronavirus cases in India reached 1,45,380 as of Tuesday, May 26, and deaths reached 4,167.
In the border market, the S&P BSE Smallcap index reported a bullish trend in the stock market on Tuesday. It gained 58.58 points with a 0.56% increase and reached a 10,582.81 level. The S&P BSE Midcap index gained 138.08 points with a 1.23% increase and reached an 11,408.86 level. While Nifty Bank gained 139.55 with a 0.81% increase and reached a 17,418.35 level.
Top Gainers on May 26: JSW Steel, Eicher Motors, Titan Company, UltraTechCement, and Hindalco are the top gainers in today’s stock market
Top Losers on May 26: Bharti Airtel, Bajaj Finserv, TCS, Zee Entertainment, and Bajaj Finance are the top losers in today’s stock market.